Other worthy prospects on the road to privatization: Vietcombank, which Ryder calls "far and away the best-managed-and-operated state-owned bank, " and Mobifone and Vinaphone, mobile carriers that are just beginning to penetrate the market (only 23% of Vietnam's citizens have a cell phone).
Beijing broke the code over a decade ago concerning the contribution bond offerings by state-owned or operated companies like CITIC could make to expanding China's sources of international borrowing.